Corporate Fraud: SC Issues Fresh Notices to Anil Ambani

The Supreme Court on Friday asked the CBI and the Enforcement Directorate (ED) to file status reports in a sealed cover within ten days on their ongoing investigations into alleged massive banking and corporate fraud involving the Anil Dhirubhai Ambani Group (ADAG) and its group companies.

- Press Trust Of India

A bench comprising Chief Justice Surya Kant and Justice Joymalya Bagchi also issued fresh notices to Anil Ambani and the ADAG on a PIL seeking a court-monitored probe into the alleged fraud.

It took note of the fact that Anil Ambani and the ADAG had already been served with the notices of the PIL filed by the petitioner and former Union secretary EAS Sarma.

On November 18, the bench issued notices to the Centre, Central Bureau of Investigation (CBI), ED, Anil Ambani and ADAG on the PIL.

The bench, however, said it was granting them one last opportunity to appear and file their responses in the case.

The bench asked the Bombay High Court's Registrar General to ensure service of notices on Anil Ambani and the ADAG and file a compliance report.

The top court asked the CBI and the ED, represented by Solicitor General Tushar Mehta, to file status reports in a sealed cover in ten days on their ongoing probes into the alleged fraud.

During the brief hearing, lawyer Prashant Bhushan, appearing for the PIL petitioner, alleged that more than Rs 1.50 lakh crore of debt of these companies has been written off, and the money was siphoned off through many shell companies.

He said this was the "largest bank loan fraud in the country”.